In late April, General Motors Korea and its 32 suppliers visited GM’s Chinese joint venture, Shanghai GM, for an event designed to help Korean suppliers enter the Chinese market.
The event, which ran from April 22th to 24th, consisted of various programs meant to assist Korean suppliers in tapping into the Chinese market, including business meetings with buyers as well as seminars about the Chinese auto market.
Korean suppliers play a big role in GM’s business. Among the 78 businesses that were selected as the subcontractors of the year by GM in Detroit in March, 28 were Korean, according to Edvaldo L. Crepaldi, vice president of purchasing at GM Korea.
“The superior quality and technology of Korean companies are appealing enough to attract Chinese automakers”, Crepaldi said at the event.
The Chinese market represents a noteworthy business opportunity for Korean automotive suppliers, and General Motors has a substantial presence in China through Shanghai GM, a joint venture between itself and Chinese state-owned automotive production organization Shanghai Automotive Industry Corporation (SAIC) Motor. In calendar year 2014, Shanghai GM sold roughly 1.71 million vehicles, the most it has ever sold.